According to the most recent Case-Shiller indices, Chicago experienced a 1.7 percent (non-seasonally adjusted) monthly increase from April to an index of 112.01 in May, but a -8.1 percent drop since last May, following a 0.4 percent drop from March to April. The seasonally adjusted monthly change was 0.3 percent.
Case-Shiller tracked a 4.5 percent drop for home prices in 20 major cities, compared to a year ago, and the 10-city index fell 3.6 percent; in April, the 20-city composite fell 4 percent, and the 10-city composite fell 3.1 percent.
CNN Money adds that home prices, however, were on the rise again in May-with the 20-city index rising 1 percent, and the 10-city index increasing 1.1 percent month-over-month, but the prices are still 32 percent off from their highs.
“While the monthly data were encouraging, most [metro areas] and both composites fared poorly in annual terms,” said David Blitzer, a Standard & Poor spokesman, to CNN Money-adding that home prices likely increased due to increased demand during the spring buying season.
All cities except Washington, D.C. saw price decreases over the last year, and prices continued to fall this May in Detroit, Las Vegas, and Tampa, Florida.
“In particular, Detroit, New York, Tampa and Washington all saw above normal revisions. Our sales pairs data indicate that these markets reported a lot more sales from prior months, which caused the revisions,” Blitzer said in the report. “The lag in reporting home sales in these markets has increased over the past few months. Also, when sales volumes are relatively low, as is the case right now, revisions are more noticeable.”